市场动态解读 Roy Baumann: 2025年私募股权商场将缓缓走出低谷
发布日期：2025-02-17 07:43 点击次数：132
瑞士当地时代2025年1月22日下昼，第三届达沃斯民众母基金峰会在瑞士达沃斯的Hotel Strela栈房到手举办。本届峰会以“投资中国 通达立异”为主题，由民众母基金协会支配，母基金研究中心（www.china-fof.com）经办。动作民众母基金行业久违的一次多边对话，本次峰会邀请了近百位民众母基金、基金以及民众起原的风投城市的分量级东说念主物共聚一堂，共同接头越过经济周期的精巧，瞻望民众母基金和基金行业及风投城市的改日发展新标的。
On the afternoon of January 22, 2025, the third Davos Global FOF Summit was successfully held at Hotel Strela in Davos, Switzerland. The summit is hosted by the Global FOF Association and organized by the FOF Research Center (www.china-fof.com). As a long-awaited multilateral dialogue in the global fund of funds industry, this summit invited nearly 100 heavyweights from global fund of funds, funds and the world's leading venture capital cities to gather together to discuss the secrets of crossing economic cycles and look forward to the new direction of future development of global fund of funds, fund industry and venture capital cities.
图为合众集团董事总司理 Roy Baumann
合众集团董事总司理Roy Baumann先容了合众集团动作民众起原的私募商场投资公司的业务概况、投资策略、投资施展以及在ESG和可抓续发展方面的悉力。同期，强调了其组合型一级商场投资策略在最大化申报后劲方面的上风。
Roy Baumann, Managing Director of Partners Group, introduced Partners Group’s business profile, investment strategy, investment performance, and ESG and sustainability efforts as a leading global private market investment firm, and emphasized the advantages of its integrated primary investment strategy in maximizing return potential.
母基金研究中心整理出演讲全文，供行业内东说念主士参考调换：
The speech is compiled as follows:
合众集团设立于1996年，其总部坐落于瑞士卢塞恩南部的一个小镇。流程多年的发展，集团已成长为专注于私募商场资产的机构，现在经管的私募商场资产总数达1520亿好意思元。合众集团的三大区域总部隔离位于新加坡、瑞士以及好意思国科罗拉多州丹佛市，业务遮蔽亚洲、欧洲和北好意思地区。其中，私募股权业务占据集团资产的一半，是其最大的业务板块，亦然历史最悠久的业务范围。
Partners Group, founded in 1996, is headquartered in a small town south ofLucerne, Switzerland. Over the years, the group has grown into an institution specializing in private market assets, currently managing a total of $152 billion in private market assets. Partners Group has three regional headquarters located in Singapore, Switzerland, and Denver, Colorado, USA, with its business covering Asia, Europe, and North America. Among its business segments, private equity accounts for half of the group's assets, making it the largest and longest-standing business area.
抑遏现在，合众集团在私募股权范围的经管范围为780亿好意思元，自设立以来已在民众范围内投资了越过1100亿好意思元的私募股权，其中约25%进入了一级商场基金投资。集团领有一支250东说念主的私募股权团队，其中70东说念主专注于一级商场基金投资，涵盖径直投资、二手份额和整合型投资。在为客户构建投资组合时，合众集团频繁从一级基金投资运转，这是其经典的投资策略，占扫数投资组合的大概25%，亦然后续投资的基础。
As of now, Partners Group's private equity management scale has reached $78 billion, and since its inception, the group has invested over $110 billion in private equity globally, with approximately 25% allocated to primary fund investments. The group has a 250-person private equity team, with 70 members focusing on primary fund investments, covering primary markets, secondary markets, and integrated investments. When constructing portfolios for clients, Partners Group typically starts with primary fund investments, which is its classic investment strategy. This accounts for about 25% of the overall portfolio and serves as the foundation for subsequent investments.
连年来，二级商场迎来了细腻的发展机遇。在经济低迷时期，合众集团会转向二级商场，得回在牛市中可能无法得回的资产，并勾通二级商场的扣头进行投资。
In recent years, the secondary market has seen significant opportunities for growth. During economic downturns, Partners Group shifts to the secondary market to acquire assets that may not be accessible during a bull market, taking advantage of secondary market discounts for investments.
集团对改日私募股权商场抓严慎乐不雅魄力，揣度2025年商场将缓缓走出低谷。为了已毕最终概念，与企业径直战斗至关蹙迫。合众集团通过加多共同投资和径直投资，更活泼地构建投资组合，为客户提供一站式惩处有联想。这一策略亦然扫数行业的发展标的，颠倒是大型待业金基金和主权钞票基金，它们频繁从一级基金投资运转，跟着老到度息争说的蕴蓄，缓缓转向共同投资或径直投资。
The group holds a cautiously optimistic outlook on the future private equity market, expecting a gradual recovery from the downturn in 2025. Direct engagement with businesses is critical to achieving ultimate goals. Partners Group enhances portfolio flexibility by increasing co-investments and direct investments, providing clients with one-stop solutions. This strategy also aligns with the industry's development direction, particularly for large pension funds and sovereign wealth funds, which typically start with primary fund investments and gradually transition to co-investments or direct investments as they gain maturity and experience.
值得防御的是，私募商场投资行业的两规则在缓缓交融。合众集团是最早从传统私募基金进入径直投资的公司之一，已在二级商场和共同投资范围取得了紧要报复。同期，很多大型并购基金和二级商场公司也运转涉足一级基金业务。这标明，仅专注于单一业务已变得越来越具有局限性，大型机构如今更倾向于提供好意思满的办事组合。
It is worth noting that the two ends of the private market investment industry are gradually converging. Partners Group was one of the first companies to transition from traditional private fund investments to direct investments, achieving significant breakthroughs in the secondary market and co-investment sectors. At the same time, many large buyout funds and secondary market firms are also venturing into primary fund investments. This indicates that focusing solely on a single business segment has become increasingly limiting, and large institutions now tend to offer a complete suite of services.
此外，合众集团还相配注重ESG和可抓续发展方面的悉力。动作聚会国包袱投资原则的早期签署方之一，以及首批被说念琼斯可抓续发展指数遴荐的私募商场公司，集团在一级基金业务中积极与GP筹商ESG计策的落实情况，并在基金人命周期内进行监控。合众集团笃信，经济上可抓续发展的企业在出售常常时更具价值。
Moreover, Partners Group places great emphasis onESG and sustainability efforts. As an early signatory of the United Nations Principles for Responsible Investment (UN PRI) and one of the first private market companies included in the Dow Jones Sustainability Index, the group actively engages with General Partners (GPs) to discuss the implementation of ESG policies in its primary fund business and monitors them throughout the fund lifecycle. Partners Group firmly believes that economically sustainable enterprises often hold greater value at the time of exit.
（以上本色把柄第三届达沃斯民众母基金峰会灌音整理而成，未经嘉宾本东说念主审阅）
(The above content is compiled according to the recording of the third Davos Global FOF Summit, and has not been reviewed by the guest himself)